Since 2009, 17 projects funded by the U.S. Department of Energy's Advanced Research Projects Agency - Energy (ARPA-E) have attracted $450 million in private-sector follow-on funding, administration officials said at the agency's ARPA-E Summit, held this week.

Following ARPA-E's initial investment of approximately $70 million, 12 companies have leveraged their technologies to form new companies, and over 10 have partnered with other government agencies for later-stage investment.

"ARPA-E is changing what’s possible for America’s energy future, as demonstrated by our projects’ technical successes and market engagement with both the private and public sector," said Cheryl Martin, ARPA-E’s deputy director. “As seen here today at the fourth annual Energy Innovation Summit, ARPA-E and the energy innovation community have embarked on a journey to convene great minds, form new companies, spur private investment and foster public partnerships.”